Sector Update: Health Care Stocks Adding to Tuesday Recovery in Late Trade

Last Updated: Tuesday, October 19, 2021 3:57 PM | MT Newswires

Health care stocks still were leading the broader Tuesday markets higher, with the NYSE Health Care Index rising 1.4% while the SPDR Health Care Select Sector ETF (XLV) also was up 1.2%.

The Nasdaq Biotechnology index was climbing 1.0%.

In company news, Johnson & Johnson (JNJ) rose 2.2%, near the top among Dow components on Tuesday, after the health care conglomerate reported an 18% increase in its adjusted Q3 profit to $2.60 per share, topping Wall Street expectations by $0.35 per share. It also raised its FY21 earnings and revenue forecasts above analyst projections.

Harmony Biosciences (HRMY) shares jumped almost 11% after S&P Dow Jones Indices said the drug maker will replace Retail Properties of America (RPAI) in the S&P SmallCap 600 index on Friday following the purchase of the real estate investment trust by Kite Realty Group (KRG).

Among decliners, Atea Pharmaceuticals (AVIR) sank nearly 66% after the company said its AT-527 antiviral pill did not meet the primary endpoint of reducing viral loads in patients with mild or moderate cases of COVID-19 during a phase 2 trial. The disappointing results also sent the shares of several Atea competitors higher, with Merck (MRK) rising 3% and Pfizer up 1.8%.

Galera Therapeutics (GRTX) plunged almost 70% after its avasopasem manganese drug candidate failed to produce a clinically significant reduction in painful, bleeding, or inflamed mucous membranes in head and neck cancer patients following radiation therapy in a phase 3 trial.

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